Sun, June 16, 2024

Will XRP Reach 5 Digit Price Soon?

XRP and regulations

American song producer Eric Finnerud, known by his stage as E-Smitty, forecast that the cost of XRP will rise to five digits soon. Investors have grown increasingly optimistic about ripple’s chances of succeeding in its legal battle with the SEC over the past month, which has led to a sharp increase in the price of XRP. E-Smitty is a well-known XRP supporter who believes the currency will begin to achieve mass acceptance globally. The producer states that users can use XRP to pay for marketing, producing, and mixing. E-Smitty also pays royalties to the musicians he collaborates with using XRP.

Predicts Show Optimism for XRP Future

It’s interesting to note that XRP has supporters other than E-Smitty. Gokhshtein Media founder David Gokhshtein recently tweeted that if ripple prevails in its legal dispute with the SEC, the whole cryptocurrency market may see a parabolic leap. He added that he always looks at $XRP and wants to click the buy button to add it to his bags.

At the time of publication, the price of XRP was $0.4597, up 0.22% from the previous day. To put it another way, the technical analysis shows that the XRP price was still attempting to move through the more significant bearish blues. However, data from the On-chain analytical tools shows that Ripple whales have kept accumulating despite the slowing market trend. Ripple whales have accumulated over 300 million XRP in recent months.

The Ripple price movement appears to have created a symmetrical triangle on the daily XRP price chart. Despite the neutral nature of this pattern, an increase in retail volumes and the relative strength index (RSI) may indicate that the XRP price is poised to climb higher and break out of an ascending parallel channel.

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